LV Projects: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
LV Projects
Largest movements
- Stocks and contracts -€150,567
down €150,567 (-5.9%), from €2.5m to €2.4m
- Tangible fixed assets -€134,800
down €134,800 (-2.8%), from €4.8m to €4.7m
of which Land and buildings: -€109,753
- Current portion of long-term debt -€338,910
down €338,910 (-8.2%), from €4.1m to €3.8m
- Reserves +€170,270
up €170,270 (+20.3%), from €838,084 to €1.0m
of which Distributable reserves: +€170,270
- Gross operating margin +€224,321
up €224,321 (+82.2%), from €272,862 to €497,183
- Depreciation +€88,713
up €88,713 (+192.5%), from €46,087 to €134,800
- Financial charges -€56,919
down €56,919 (-22.2%), from €255,873 to €198,954
- Other operating charges +€16,218
up €16,218 (+47.7%), from €34,033 to €50,251
- Taxes +€12,717
new in 2026: €12,717
From the 2025 result to the 2026 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,379,601 | €7,112,858 | -€266,742 | -3.6% |
| Fixed assets | 21/28 | €4,809,341 | €4,674,541 | -€134,800 | -2.8% |
| Tangible fixed assets | 22/27 | €4,809,341 | €4,674,541 | -€134,800 | -2.8% |
| Land and buildings | 22 | €4,720,743 | €4,610,990 | -€109,753 | -2.3% |
| Plant, machinery and equipment | 23 | €637 | €398 | -€240 | -37.6% |
| Furniture and vehicles | 24 | €87,961 | €63,153 | -€24,808 | -28.2% |
| Current assets | 29/58 | €2,570,260 | €2,438,317 | -€131,942 | -5.1% |
| Stocks and contracts in progress | 3 | €2,541,750 | €2,391,183 | -€150,567 | -5.9% |
| Stocks | 30/36 | €2,541,750 | €2,391,183 | -€150,567 | -5.9% |
| Amounts receivable within one year | 40/41 | €2,138 | €5,495 | +€3,358 | +157.0% |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €2,138 | €2,495 | +€358 | +16.7% |
| Cash at bank and in hand | 54/58 | €23,479 | €33,197 | +€9,718 | +41.4% |
| Deferred charges and accrued income | 490/1 | €2,893 | €8,442 | +€5,549 | +191.8% |
| Total equity and liabilities | 10/49 | €7,379,601 | €7,112,858 | -€266,742 | -3.6% |
| Equity | 10/15 | €1,308,353 | €1,408,814 | +€100,461 | +7.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €838,084 | €1,008,353 | +€170,270 | +20.3% |
| Non-distributable reserves | 130/1 | €15,855 | €15,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,855 | €15,855 | = | 0.0% |
| Distributable reserves | 133 | €822,229 | €992,498 | +€170,270 | +20.7% |
| Profit (loss) carried forward | 14 | €170,270 | €100,461 | -€69,809 | -41.0% |
| Amounts payable | 17/49 | €6,071,247 | €5,704,045 | -€367,203 | -6.0% |
| Amounts payable after more than one year | 17 | €589,570 | €630,706 | +€41,136 | +7.0% |
| Financial debts | 170/4 | €573,881 | €573,881 | = | 0.0% |
| Other amounts payable | 178/9 | €15,689 | €56,825 | +€41,136 | +262.2% |
| Amounts payable within one year | 42/48 | €5,481,677 | €5,073,339 | -€408,338 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €4,149,149 | €3,810,239 | -€338,910 | -8.2% |
| Trade debts | 44 | €76,827 | €24,046 | -€52,781 | -68.7% |
| Suppliers | 440/4 | €76,827 | €24,046 | -€52,781 | -68.7% |
| Advances received on contracts in progress | 46 | €4,518 | €939 | -€3,579 | -79.2% |
| Taxes, remuneration and social security | 45 | €4,772 | €5,522 | +€750 | +15.7% |
| Taxes | 450/3 | €4,772 | €5,522 | +€750 | +15.7% |
| Other amounts payable | 47/48 | €1,246,410 | €1,232,593 | -€13,818 | -1.1% |
| Non-recurring operating income | 76A | €5,000 | €0 | -€5,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,087 | €134,800 | +€88,713 | +192.5% |
| Other operating charges | 640/8 | €34,033 | €50,251 | +€16,218 | +47.7% |
| Gross operating margin | 9900 | €272,862 | €497,183 | +€224,321 | +82.2% |
| Operating profit (loss) | 9901 | €192,742 | €312,132 | +€119,390 | +61.9% |
| Financial charges | 65/66B | €255,873 | €198,954 | -€56,919 | -22.2% |
| Recurring financial charges | 65 | €255,873 | €198,954 | -€56,919 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | -€63,131 | €113,178 | +€176,309 | |
| Income taxes | 67/77 | - | €12,717 | +€12,717 | |
| Profit (loss) for the period | 9904 | -€63,131 | €100,461 | +€163,592 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,131 | €100,461 | +€163,592 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.